Aziz Hamzaogullari was named a vice president at Loomis Sayles and lead portfolio manager of its domestic large-cap growth strategies.
He replaces Mark Baribeau, who will remain as lead portfolio manager of the firm’s opportunistic global equity strategies.
Mr. Hamzaogullari comes to Loomis from Evergreen Investment Management, a subsidiary of Wells Fargo & Co., where he served as senior portfolio manager for the $601 million Evergreen Omega fund and the $341 million Evergreen Large Company Growth fund. Spokeswoman Lauren Sawyers said Evergreen plans to announce his replacement in the near future.
Mr. Hamzaogullari’s hire is part of a move to “broaden its equity product lineup and offer a domestic large-cap growth strategy that appeals to a broad range of institutional and retail clients,” according to a news release from Loomis Sayles. The firm will build a team of dedicated large-cap growth equity analysts with a “philosophical investment approach consistent with” that of Mr. Hamzaogullari, which is aimed at delivering excess returns with a lower level of volatility than the firm’s current growth equity offerings, the release said.
In an interview, Lauriann Kloppenburg, chief investment officer of equities with Loomis Sayles, said executives there expect growing investor demand for equity strategies that can deliver strong returns while limiting their downside during market downturns. In Mr. Hamzaogullari, Loomis believes it has a manager who can run concentrated growth equity portfolios with “less choppy” return patterns over the long term, she said.
Under Mr. Baribeau and the other two portfolio managers on the domestic growth equity team, Richard Skaggs and Pamela N. Czekanski, Loomis’s flagship large-cap growth equity strategy has experienced periods of both strong outperformance and underperformance. According to data tracker eVestmentAlliance, the strategy beat its Russell 1000 Growth benchmark by more than 10 percentage points in both 2004 and 2007, while lagging by more than 10 percentage points in both 2006 and 2008. An annualized decline of 5.73% for the four years through March 31, combined with the broader market’s decline, has seen client assets in the strategy dropping from $12.9 billion as of March 31, 2006, to $2.9 billion as of March 31, 2010.
Ms. Kloppenburg said Loomis’ existing domestic growth equity team members will all continue to play important roles in the firm’s expanding efforts.
Mr. Baribeau will oversee a growing number of global equity offerings over the coming years, according to the release.
Mr. Skaggs, a vice president and portfolio manager in Loomis Sayles’ large-cap growth equity group, will take on a new senior position as equity strategist, according to the release.
Ms. Czekanski, also a vice president and portfolio manager in the large-cap growth equity group, was named a client portfolio manager within the institutional services group and relationship management team.
Spokeswoman Erin Heard said the portfolio manager positions held by Mr. Skaggs and Ms. Czekanski won’t be filled.